5 Days of Fireworks, Fizzles for IPOs

Jul 1, 2013, 12:45 pm EDT
5 Days of Fireworks, Fizzles for IPOs

Thanks to the Fourth of July Holiday, there are no initial public offerings planned this week. So instead, in the spirit of the holiday, let’s admire some fireworks instead.

The fireworks, of course, were provided by last week’s slate of IPOS — 10 deals hit the market, and the overall performance was pretty solid. Company Ticker Return Noodles & Company NDLS +104% Prosensa RNA +48% Aratana Therapeutics PETX +26% Luxoft Holding LXFT +17% CDW CDW +9.5% Silvercrest SAMG +9.1% HD Supply HDS +4.4% Esperion Therapeutics ESPR +0.7% Tremor Video TRMR -10.5% NanoString Technologies NSTG -20% Average Return +19%

However, those numbers aren’t nearly as good once you factor in the discrepancies between a few of the original price ranges and their actual IPO pricings. Read 

The 3 Best and Worst IPOs So Far in 2013

Jul 1, 2013, 6:30 am EDT
The 3 Best and Worst IPOs So Far in 2013

This year has turned out to be one of peaks and valleys in the IPO market.

Just this week, IPOs hit a rough patch as companies like HD Supply (HDS) and CDW (CDW) slashed the pricing on their deals, GDC Technology postponed its transaction and Tremor Video (TRMR) saw its offering plunge 15% on its first day of trading.

Of course, a correction was to be expected. IPOs have been red-hot for most of the rest of the year. In all, we saw 88 deals — including a record May that saw 30 companies hit the market — that returned an average of nearly 20%. You can chalk up much of that success to the general market, which has been in full bull mode for most of the year. Read 

Noodles & Company IPO Draws Oodles of Interest

Jun 28, 2013, 5:12 pm EDT
Noodles & Company IPO Draws Oodles of Interest

Fast-casual restaurant chain Noodles & Company (NDLS) apparently just left a lot of money on the table.

Following last night’s pricing at $18 per share, which was above its $15 to $17 range, NDLS shot up another 104% in Friday trading. Still, the deal — whose lead underwriters included Morgan Stanley (MS) and UBS Investment Bank (UBS) — raised about $96.4 million.

Noodles’ motto is “A World of Flavors Under One Roof,” a nod to its cuisine that spans 25 different Asian, Mediterranean and American foods. Read 

Tremor Video IPO Trembles

Jun 28, 2013, 1:38 pm EDT
Tremor Video IPO Trembles

This week was rocky for IPOs anyway — as seen with the slashing of the pricing terms of deals like CDW (CDW) and HD Supply (HDS) — but Tremor Video’s (TRMR) offering has suffered the most damage.

TRMR fell 15% on its debut and another 6% in today’s trading. This after the deal was priced at $10, below its expected $11 to $13 range.

To me, this looks like a very bad sign for the online video space. Read 

Coastal Homebuilder Gears Up For an IPO

Jun 26, 2013, 5:38 pm EDT
Coastal Homebuilder Gears Up For an IPO

California-based homebuilder City Ventures has filed for an IPO. The company plans to list on the NYSE under the symbol “CTYV” and the lead underwriters include Deutsche Bank (DB) and Goldman Sachs (GS). The pricing terms were not disclosed.

Founded in 2009, City is a unique player in the homebuilding sector. The company essentially repositions underutilized real estate into residential housing — in coastal urban infill areas. The strategy is actually not easy to pull off as it requires working closely with local housing and governmental agencies to get the entitlements.

Yet City has the advantage of a strong management team. The CEO Mark Buckland and Chairman Craig Atkins have an average of 25 years with repositioning land. They also were smart to get the financial backing of private equity operators Imperial Capital Group and Ares Management. Read 

EP Energy Staging a Quick Return to the Public

Jun 25, 2013, 1:29 pm EDT
EP Energy Staging a Quick Return to the Public

Oil & gas firm EP Energy reportedly is preparing to go public after less than two years as a privately held company.

A closer look suggests the process is still in the early stages, and a deal might not happen until the fall. Interestingly enough, it was only back in February 2012 that Apollo Global Management (APO) led a buyout of the company for a cool $7.15 billion. EP was a part of El Paso Corporation, which was itself purchased by Kinder Morgan (KMI) for $21.1 billion; the firm only wanted to retain the pipeline assets.

All in all, EP holds a diverse set of producing assets with a focus on oil, including areas like the Eagle Ford Shale, Wolfcamp Shale and Altamont Field. There are some natural gas and coal properties as well, but the company is in the process of selling them off. Read 

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